According to Bloomberg, S&P 500 third-quarter net income growth expectations fell from 7% to 4.2%, mainly due to the energy sector. Analysts noted that expectations fell for all sectors except communication services.
Currently, 37% of S&P 500 companies are expected to report lower earnings per share this quarter than in the same period last year, compared with 26.6% in the previous quarter.
Key market moves included: The S&P 500 rose 0.5%, the Nasdaq 100 was essentially flat, and the Dow Jones Industrial Average rose 0.7%. The 10-year Treasury yield rose three basis points to 4.09%.
Elsewhere, West Texas Intermediate crude rose 0.2% to $76.01 a barrel, while the Bloomberg Dollar Spot Index was essentially flat.
